BofA cuts PT on some farm equipment makers

BofA Global Research cuts PT on some farm equipment makers' shares including Deere DE.N, CNH Industrial CNH.N and AGCO AGCO.N

Brokerage says it reduces estimates and PTs for agricultural equipment OEMs to "reflect a more cautious view of decrementals and the production cycle"

Says it holds no "buy" ratings given concern that equipment purchasing is likely to remain constrained

Including session's moves, S&P 400 Agricultural & Farm Machinery sub index .SPMDCAGFM down 5.5% YTD